Buying a new property can be an exciting but overwhelming process, so here are some tips to help you prepare.

MAKE A WISH LIST

First things first, let’s make a wish list. Think about what attributes you desire most in a property, such as the location, number of bedrooms, or parking. This will help you narrow down your search and focus on the must-have features.

GET YOUR FINANCES IN ORDER

Next, it’s important to get your finances in order. Consider getting loan pre-approval, so you know how much you’ll be able to borrow and what your repayments will be. This will give you a better chance of securing a purchase and help you negotiate with vendors. If you’re bidding at auction, make sure you have adequate funds in your cheque account to pay the deposit.

ORGANISE A CONVEYANCER OR LAWYER

It’s also a good idea to organise a conveyancer or lawyer as soon as you take out a contract on a property. This will make your life easier and ensure a smoother process.

ADDITIONAL EXPENSES

Don’t forget about additional expenses, such as maintenance costs, land tax, council rates, home insurance, and strata fees (if applicable). Investigate these costs so you know how much to budget for on top of your mortgage repayments.

RESEARCH IS KEY!

Take the time to inspect as many properties as possible. This will give you a better understanding of the market, put you in a better position to negotiate, and help you recognise a bargain or an overpriced property. You can also sign up for property alert services to stay on top of new listings.

PEST AND BUILDING INSPECTION

Before making an offer, consider getting a pest and building inspection. It’s a small expense that can save you thousands down the track.

PRE-SETTLEMENT INSPECTION

Finally, don’t forget to do a pre-settlement inspection. Visit the property on the day of settlement to ensure everything is as you had agreed upon in the contract. This will give you peace of mind and ensure there are no surprises.